One of the greatest ways you can boost your finances is to set a solid, measurable goal. That is especially true when it comes to saving money. Therefore, I’ve compiled this comprehensive list of simple money challenges that can propel you into greater financial freedom.
8 Simple Money Challenges That Will Beef Up Your Savings
First, you need to know why you’re saving. Establishing that primary reason will help you find which challenge is right for you.
For example, do you need to save for:
- Paying off debt?
- College funds?
- A car?
- A house?
In a Harvard study, it was reported that people who set self-goals showed signs of increased motivation and proactivity.
Take a look at this list and see if one of these simple money challenges should be part of your next financial goal.
1. The 52-Week Money Challenge
This is a great challenge to launch at the beginning of the year, but you can start it anytime. The idea is to save $1 on Week #1, $2 on Week 2, and so on. On Week 52, you’ll deposit $52 with a grand total of $1,378 saved that year.
For more information on the traditional 52-Week Money Challenge or for a free printable chart, click here.
2. The Customized 52-Week Challenge
After the 52-Week Challenge grew in popularity, people made several alternate versions to add larger or more unique challenges. For example, you can do the challenge in reverse. Save $52 on Week 1, $51 on Week 2, and so on. People like this particular version because it ensures the large deposits happen first instead of during the busy and expensive holiday season.
For more alternatives to the original 52-week challenge, check out these articles:
3. The No-Spend Challenge
Some people thrive on cold turkey challenges like this one. You can choose a category in your budget to “seal off” temporarily. Some people also refer to this as a strike. When you can hit the pause button on your spending, the byproducts are that you save money and become more disciplined.
4. The Dime Challenge
Grab a two-liter and fill it with every dime you receive. Estimated reports say you could save between $550 and $700. The only way this challenge can be effective is if you’re using more cash in your budget. Try adding a few cash envelopes to your purse/wallet and resist the urge to swipe so often with that debit or credit card.
5. The $5 Bill Challenge
Instead of saving all your dimes, save every $5 bill you receive. Designate a jar for this purpose and make sure the family knows it’s off limits
6. The Payday Challenge
Try saving money every payday. This developed after the 52-Week Money Challenge became popular due to how many people got paid bi-weekly. If you can save a percentage of your check each payday, no matter what, then you’re looking at a significant boost in your savings.
7. The Fast $1,000 Challenge
Dave Ramsey is probably the most outspoken advocate for starting an emergency fund. He suggests in his book, Total Money Makeover, saving $1,000 as fast as you can. Have a garage sale, get on eBay, or pick up a side hustle and put away that $1k faster than you’ve ever saved before.
8. The Check-Up Challenge
You could save thousands this year just by getting a few financial check-ups. For 30 days, commit the time and effort to reviewing the following parts of your budget for potential savings:
- Insurance policies
- Mobile phone contracts
- Cable/Internet contracts
- Tax contributions (if you’re receiving a large tax refund check each year, review your W4 to see if you can reallocate those funds straight back into your paychecks throughout the year)
- Credit card payoffs
- Possible mortgage refinance
Your Next Step
Now that you’ve had a chance to read through these simple money challenges, it’s time to act. Which challenge suits your situation best?
Once you’ve decided, bring your family in on your plans so they can participate and keep you accountable.
Set a starting date and SAVE.
Have you ever done one a money challenge before? Tell us how it went!
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